The Plan is available to seafarers of all nationalities except Isle of Man residents (Please note that other eligibility conditions may apply from time to time).

You can apply by clicking on the ‘Apply Now’ tab and completing the Plan Enrolment Form. Alternatively, you can contact ISRSP Processors at: processors@ISRSP.com.

The minimum age to join the Plan is 16 years attained.

No. Each member owns their own plan.

This will depend upon the laws in operation in the country where you are resident, but most countries allow their residents to own multiple pension plans all at the same time.

Your ISRSP Plan is personal to you. You own it. So, if you move to a new employer, your ISRSP Plan automatically moves with you.

Extremely easy. All you need to do is to register with Zurich’s online portal, ZIO, and then you will be able to manage and keep track of your Plan whenever you like, from anywhere in the world. You can access ZIO by logging onto: https://online.zurichinternationalsolutions.com

Yes. All you need to do is to register with Zurich’s online portal, ZIO, and then you will be able to manage and keep track of your Plan whenever you like, from anywhere in the world. You can access ZIO by logging onto: https://online.zurichinternationalsolutions.com

All you need to do is to register with Zurich’s online portal, ZIO, and then you will be able to keep track of your Plan whenever you like, from anywhere in the world. You can access ZIO by logging onto: https://online.zurichinternationalsolutions.com

For regular monthly payments whether paid by members, employers, or a combination of both, the minimum contribution is USD 100, or currency equivalent (GBP, EUR) subject to rounding. There is no maximum limit to the amount that can be contributed, and you may change the amount you contribute once per year at the policy anniversary.

In addition, the Plan permits members or employers to make additional voluntary contributions (AVCs), which are ad hoc lump sum payments. The minimum amount for an AVC contribution is USD 1,000 (or currency equivalent subject to rounding) and you may make one AVC contribution per year.

You may change the amount you contribute once per year at the policy anniversary by contacting ISRSP Processors at: processors@ISRSP.com.

Yes, you can. The Plan permits members or employers to make additional voluntary contributions (AVCs), which are ad hoc lump sum payments. The minimum amount for an AVC contribution is USD 1,000.00 (or currency equivalent subject to rounding) and you may make one AVC contribution per year.

There is no maximum limit to the amount that can be contributed by your employer.

No, your Employer does not have to contribute. The Plan can operate with member contributions only, as long as they meet the minimum contribution requirements (below).

The minimum contribution is USD 100, or currency equivalent (GBP, EUR) subject to rounding, for regular monthly payments whether paid by members, employers, or a combination of both. The minimum amount for an AVC contribution is USD 1,000 (or currency equivalent subject to rounding) and you may make one AVC contribution per year.

There is no maximum limit to the amount that can be contributed.

Vesting gives a Plan member an immediately non-forfeitable secured right to an asset that cannot be taken away by a third party. Contributions to the Plan vest immediately, which means you always retain the right to the full value of your savings.

Contributions can be paid in USD, EUR or GBP. You can select the currency in which you wish to make your contributions when you join the Plan.

Subject to the minimum contribution level (see above), you can voluntarily change the amount you contribute or stop making contributions for a while if you need to (known as a ‘contribution holiday’). If you cease contributions, you are not able to restart your contributions until your next policy anniversary.

No, there are no penalty charges for increasing, reducing, starting, or stopping making contributions into your Plan.

Yes. If you stop making contributions to your Plan, you or your employer can restart your contributions at your next policy anniversary.

You should pay as much as you can afford into your Plan because the sooner you start investing, the more your money is likely to grow over the long-term because of the effect of compounding. For most seafarers starting to save early can be a particularly important step towards achieving their long-term goals.

At your Normal Retirement Age (NRA), which is the age at which you expect to retire and take benefits from the Plan. You choose your NRA when you set up your Plan and it must be no earlier than age 50 and no later than age 75. Subject to Trustee consent, members can alter their NRA from time to time (e.g., to allow an earlier or later retirement date than originally selected) as long as their NRA remains no earlier than age 50 and no later than age 75.

You can take all your ISRSP fund in one go at retirement. You do not need to take it as a pension.

No, you do not need to stop working. As long as you have reached your NRA (see above), then you are able to draw your pension benefits from the Plan.

Yes, you can. In times of financial hardship, if you need to access your savings, you can apply for a lump sum payment from your Plan. The minimum access amount is USD 5,000 or currency equivalent (GBP, EUR) subject to rounding. Any such payments are subject to the absolute discretion of the Trustee and must not undermine the principal purpose of the Plan as a retirement savings plan. Their intention is to allow some flexibility under the Plan to meet the costs of key events in your life (such as unexpected medical bills, education costs or property purchases etc.)

Once you have reached your agreed NRA (see above) you have the following options: You can stay in the Plan and continue to benefit from any investment growth, until you decide to withdraw the full value. However, you will no longer be able to contribute to your Plan; you can transfer the value of your Plan to another retirement scheme, or purchase an annuity (an income for life), subject to the new scheme being able to accept the transfer, Trustee consent and local laws permitting; you can take regular or ad hoc withdrawals from the Plan; or you can take the full value of your Plan as a cash lump sum.

When you want to draw your pension benefits from the Plan, all you need to do is complete a Plan Surrender Form and email it to ISRSP Processors at: processors@ISRSP.com.

In the event of your death before taking benefits from your Plan, it allows you to pass the full value onto your dependants or beneficiaries. The Trustee has discretion as to who shall receive the value of your Plan, but they will always give consideration to the person(s) that you nominate as your primary Beneficiary(ies). Following the completion of the necessary forms, distribution will be made as soon as is practical, but no later than two years following your death. 

If you become seriously ill or disabled, you have the following options: you can stay in the Plan and continue to benefit from any investment growth, until you decide to withdraw the full value; you can transfer the value of your Plan to another retirement scheme, or purchase an annuity (an income for life), subject to the new scheme being able to accept the transfer, Trustee consent and local laws permitting; you can take regular or ad hoc withdrawals from the Plan; or you can take the full value of your Plan as a cash lump sum.

Subject to Trustee consent, it may be possible to transfer funds from previous pension plans into your ISRSP Plan if the owner of the transferring plan is prepared to make the transfer and local laws permit. Before transferring your savings into your Plan, seek professional financial and tax advice. Taking money out of pension plans could result in a tax liability or have other unanticipated impacts and may not be in your best interests.

Subject to Trustee consent, it may be possible to transfer your funds out of your ISRSP Plan into a new plan if the owner of the new plan is prepared to accept the transfer and local laws permit. Before taking or transferring your savings from your Plan, seek professional financial and tax advice. Taking money out of your Plan could result in a tax liability or have other unanticipated impacts and may not be in your best interests.

Zurich does not pay tax in the Isle of Man on capital gains and income attributable to your Plan. This means that your Plan can grow virtually tax free. However, there may be an element of withholding tax deducted from some income and dividends within certain funds that cannot be reclaimed. The tax treatment of contributions to, and benefits taken from, your plan will depend on the payer of the contributions and your tax residence and personal circumstances. It is advisable to consult your relevant financial professional regarding the extent to which you may be liable to pay tax under this plan.

The Plan has an independent Trustee who safeguards the interests of plan members and ensures exacting standards of governance. Boal & Co. (Pensions) Ltd, an Isle of Man company registered with the Isle of Man Financial Services Authority (the IOMFSA), have been appointed as the Trustee and have a legal responsibility to ensure that the Plan is administered in accordance with the governing regulations and the Trust Deed and Rules.

The Plan is established under an Isle of Man trust arrangement, which means that plan members benefit from high quality governance rules set out under Isle of Man Law. Plan assets are ring-fenced and can only be utilised for paying benefits to plan members. The Plan is based in the Isle of Man and is managed by Zurich International Life Limited (Zurich). It is covered under the Isle of Man Life Assurance (Compensation of Policyholders) Regulations Act 1991, which is designed to act as a safety net in the event that an insurer was to become insolvent. The Isle of Man Scheme operates globally, which means it provides protection to Plan members no matter where they reside.

ISRSP Processors Ltd manage your Plan on a day-to-day basis. They are part of an organisation which has been at the heart of the employment and payment of seafarers since 2007. The Company is based in Guernsey and is compliant with International Standard ISO9001:2015. ISRSP Processors Ltd. can be contacted at: processors@ISRSP.com.

There is one simple Plan Fee of 1.85% p.a. of the value of your Plan and no fees for joining or leaving.

The Seafarers Retirement Savings Fund (SRSF) is designed to provide Plan members with a straightforward, professionally managed ‘lifestyle investment strategy’ for their Plan. ‘Lifestyle Investment Strategy’ describes the process by which a member’s investment fund automatically moves into more secure investments as they get closer to their normal retirement age (NRA). When joining the Plan, members with more than 20 years before their NRA are invested in an equity-based fund with the aim of maximising potential investment returns for an appropriate level of risk. From 20 years onward towards retirement, assets are gradually switched over time into a series of fund portfolios that have ever decreasing generic volatility, until at NRA, they are 100% invested into money market funds. It is important to note that the ‘Lifestyling’ process only applies to the SRSF.

Depending on your retirement goals and how much risk you want to take, you can choose from a range of investment approaches. The Plan ensures you have the investment choice and flexibility to switch funds as your circumstances and needs change over time.

Your first choice is to decide how involved you want to be on a day-to-day basis regarding where your savings are invested. There are two approaches for you to consider when deciding how to invest your savings. You can choose to invest into either the default managed lifestyle investment strategy, The Seafarers Retirement Savings Fund (SRSF see above), or to self-select and design your own investment strategy from the wide range of funds available.

If you do not want to pick your own funds, then the SRSF is designed for you. However, if you would prefer choice and control regarding where your savings are invested, you can create your own investment strategy from the extensive range of actively managed or passive investment funds, which cater for most investment styles, global regions, asset classes and attitudes to risk. The Fund Centre on ZIO provides a full list and details of the available funds. Please note, you cannot invest in the SRSF fund and self-select funds within the same policy at the same time. However, you can invest in the SRSF fund for one policy (e.g., your employer’s policy) and self-select funds for another policy (e.g., your employee policy). Other conditions may apply.

You can switch the way your current and/or future contributions are invested at any time using Zurich’s online portal, ZIO. There are no charges for making these changes.